Reddcoin aims at spreading the idea of cryptocurrency in social media. The main idea behind it is for Reddcoin to become something like a way to tip people that you like using your Reddcoin wallet. For example, if you were on Facebook and you liked what someone did, you could then tip them with a few Reddcoins. The industry is hoping that in the future, this sort of thing would encourage and highlight the use cryptocurrencies like this one.
Reddcoin wallet basics
Having a Reddcoin wallet is an essential part of the Reddcoin experience. This is because like every other cryptocurrency out there, you need wallets to do transactions. The main way to get a wallet is to get the core Reddcoin wallet. This is available on the cryptocurrency’s website. You’ll want to use this if you’re starting out.
The Reddcoin Core wallet has all the basic features you’ll need to start with when dealing with Reddcoin. This includes keeping track of your altcoins, doing basic transaction, and minting. Minting new coins is a very important feature since it helps get you more coins. It works via proof-of-stake, which means that people stake their coins to get a chance to process on the block. This will require an open wallet and allows you to earn Reddcoins relative to the Coin Age of your Reddcoins. Coin Age is the amount of time that the coins have been staked on the network.
However, the core wallet is not the only Reddcoin wallet out there. Other variation of the Reddcoin wallet have been developed by the community to make things easier. First, there is the Reddwallet. This wallet complete redesigns the core wallet GUI and makes it look better. It also works as both a desktop application and as a front end that communicates with a daemon running on a remote server. Reddwallet also integrates a variety of social features like IRC chat for official channel #Reddcoin, /u/reddcoin news feeds, Twitter news feed and the official announcement feed.
There is also the lightweight Reddcoin Electrum. A lighter version of the core wallet, this is ideal for mobile use. It works by skimming the blockchain for transactions, removing the need for downloading entire blocks of data. This makes it easier to use on devices with low capacity. Finally, there is Cryptonator, which is an online Reddcoin wallet. It allows for the usual spread of features and is available 24/7. It unfortunately cannot mint new Reddcoins nor initiate Reddcoin mining.